Category: news-article
TWFG Insurance Announces Closing of its Initial Public Offering
July 17, 2024
THE WOODLANDS, Texas, July 17, 2024 /PRNewswire/ — TWFG, Inc. (“TWFG”) today announced the pricing of its initial public offering of 11,000,000 shares of its Class A common stock at a price to the public of $17.00 per share, before underwriting discounts and commissions, for gross proceeds of $187.0 million. Additionally, TWFG has granted the underwriters a 30-day option to purchase up to an additional 1,650,000 shares of its Class A common stock at the initial public offering price, less underwriting discounts and commissions.
The shares are expected to begin trading on the Nasdaq Global Select Market on July 18, 2024 under the symbol “TWFG.” The offering is expected to close on July 19, 2024, subject to the satisfaction of customary closing conditions.
Upon completion of the initial public offering, TWFG will be the sole managing member of TWFG Holding Company, LLC and will exclusively operate and control all of its business and affairs.
TWFG will receive net proceeds of approximately $168.3 million after deducting underwriting discounts and commissions and estimated expenses and intends to use the net proceeds received from the initial public offering to acquire newly-issued LLC units of TWFG Holding Company, LLC (the “LLC Units”) equal to the number of shares of Class A common stock issued in the initial public offering from TWFG Holding Company, LLC, at a purchase price per LLC Unit equal to the initial public offering price per share of Class A common stock after underwriting discounts and commissions. TWFG intends to cause TWFG Holding Company, LLC to use the proceeds it receives from the sale of LLC Units to TWFG, Inc. to pay fees and expenses in connection with the initial public offering and the reorganization transactions, to repay in full outstanding debt under its revolving credit agreement and for potential strategic acquisitions of, or investments in, other businesses or technologies that TWFG believes will complement its current business and expansion strategies and for general corporate purposes.
J.P. Morgan, Morgan Stanley, BMO Capital Markets and Piper Sandler are acting as joint lead book-running managers, RBC Capital Markets, UBS Investment Bank, Keefe, Bruyette & Woods, A Stifel Company and William Blair are acting as joint book-running managers and Dowling & Partners Securities LLC is acting as co-manager for the offering.
The offering is being made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained, when available, from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, New York, New York 10014.
A registration statement on Form S-1 relating to these securities has been filed with the U.S. Securities and Exchange Commission (“SEC”) and became effective on July 17, 2024. Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.
About TWFG
Founded by Richard F. (“Gordy”) Bunch III in 2001, TWFG is a leading independent distribution platform for personal and commercial insurance in the United States. TWFG offers all lines of insurance, multiple distribution contract options, M&A services, proprietary virtual assistants, proprietary technology, proprietary premium financing, unlimited continuing education, recognition programs, co-op funding, marketing support and overall lower costs to operate.
Company Contact:
Jeff Arricale
SVP Strategy & Capital Markets
Jeff.Arricale@twfg.com
Insurance Broker TWFG’s IPO Seeking $187 Million Gets Underway Today
Shares of Texas-based insurance broker TWFG, Inc. begin trading on the Nasdaq Global Select Market today under the symbol TWFG.
TWFG said it expects to realize gross proceeds of $187 million and net proceeds of approximately $168.3 million from the initial public offering, which is expected to close July 19.
The retail and wholesale insurance broker, which is backed by reinsurer RenaissanceRe, is offering 11 million shares at $17 per share to the public.
Earlier in the week it planned to offer the shares at a price range of $14 to $16 each and raise $176 million.
TWFG has indicated it will use the IPO proceeds to repay debt and to acquire or invest in other businesses.
Upon completion of the initial public offering, TWFG will be the sole managing member of TWFG Holding Company, LLC and will exclusively operate and control all of its business and affairs. Gordy Bunch, TWFG founder and chief executive, will hold 94.4% of the combined voting power in the insurance broker.
TWFG is also known as the Woodlands Financial Group.
Posted in news-articleTWFG Insurance Announces Pricing of its Initial Public Offering
July 17, 2024
THE WOODLANDS, Texas, July 17, 2024 /PRNewswire/ — TWFG, Inc. (“TWFG”) today announced the pricing of its initial public offering of 11,000,000 shares of its Class A common stock at a price to the public of $17.00 per share, before underwriting discounts and commissions, for gross proceeds of $187.0 million. Additionally, TWFG has granted the underwriters a 30-day option to purchase up to an additional 1,650,000 shares of its Class A common stock at the initial public offering price, less underwriting discounts and commissions.
The shares are expected to begin trading on the Nasdaq Global Select Market on July 18, 2024 under the symbol “TWFG.” The offering is expected to close on July 19, 2024, subject to the satisfaction of customary closing conditions.
Upon completion of the initial public offering, TWFG will be the sole managing member of TWFG Holding Company, LLC and will exclusively operate and control all of its business and affairs.
TWFG will receive net proceeds of approximately $168.3 million after deducting underwriting discounts and commissions and estimated expenses and intends to use the net proceeds received from the initial public offering to acquire newly-issued LLC units of TWFG Holding Company, LLC (the “LLC Units”) equal to the number of shares of Class A common stock issued in the initial public offering from TWFG Holding Company, LLC, at a purchase price per LLC Unit equal to the initial public offering price per share of Class A common stock after underwriting discounts and commissions. TWFG intends to cause TWFG Holding Company, LLC to use the proceeds it receives from the sale of LLC Units to TWFG, Inc. to pay fees and expenses in connection with the initial public offering and the reorganization transactions, to repay in full outstanding debt under its revolving credit agreement and for potential strategic acquisitions of, or investments in, other businesses or technologies that TWFG believes will complement its current business and expansion strategies and for general corporate purposes.
J.P. Morgan, Morgan Stanley, BMO Capital Markets and Piper Sandler are acting as joint lead book-running managers, RBC Capital Markets, UBS Investment Bank, Keefe, Bruyette & Woods, A Stifel Company and William Blair are acting as joint book-running managers and Dowling & Partners Securities LLC is acting as co-manager for the offering.
The offering is being made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained, when available, from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, New York, New York 10014.
A registration statement on Form S-1 relating to these securities has been filed with the U.S. Securities and Exchange Commission (“SEC”) and became effective on July 17, 2024. Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.
About TWFG
Founded by Richard F. (“Gordy”) Bunch III in 2001, TWFG is a leading independent distribution platform for personal and commercial insurance in the United States. TWFG offers all lines of insurance, multiple distribution contract options, M&A services, proprietary virtual assistants, proprietary technology, proprietary premium financing, unlimited continuing education, recognition programs, co-op funding, marketing support and overall lower costs to operate.
Company Contact:
Jeff Arricale
SVP Strategy & Capital Markets
Jeff.Arricale@twfg.com
TWFG Announces Launch of Initial Public Offering
July 9, 2024 | The Woodlands, TX — TWFG, Inc. (“TWFG”) today announced the launch of its initial public offering of its Class A common stock. TWFG is offering 11,000,000 shares of its Class A common stock pursuant to a registration statement on Form S-1 filed with the Securities and Exchange Commission (“SEC”). The initial public offering price is expected to be between $14.00 and $16.00 per share. TWFG intends to grant the underwriters the right to purchase up to an additional 1,650,000 shares of its Class A common stock. TWFG intends to list its Class A common stock on the Nasdaq Global Select Market under the symbol “TWFG.”
Upon completion of the proposed initial public offering, TWFG will be the sole managing member of TWFG Holding Company, LLC and will exclusively operate and control all of its business and affairs.
TWFG intends to use the net proceeds received from the initial public offering to acquire newly-issued LLC units of TWFG Holding Company, LLC (the “LLC Units”) equal to the number of shares of Class A common stock issued in the initial public offering from TWFG Holding Company, LLC, at a purchase price per LLC Unit equal to the initial public offering price per share of Class A common stock after underwriting discounts and commissions. TWFG intends to cause TWFG Holding Company, LLC to use the proceeds it receives from the sale of LLC Units to TWFG, Inc. to pay fees and expenses in connection with the initial public offering and the reorganization transactions, to repay in full outstanding debt under its revolving credit agreement and for potential strategic acquisitions of, or investments in, other businesses or technologies that TWFG believes will complement its current business and expansion strategies and for general corporate purposes.
J.P. Morgan, Morgan Stanley, BMO Capital Markets and Piper Sandler are acting as joint lead book-running managers, RBC Capital Markets, UBS Investment Bank, Keefe, Bruyette & Woods, A Stifel Company and William Blair are acting as joint book-running managers and Dowling & Partners Securities LLC is acting as co-manager for the proposed offering.
The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to the offering may be obtained, when available, from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, New York, New York 10014.
A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.
About TWFG
Founded by Richard F. (“Gordy”) Bunch III in 2001, TWFG is a leading independent distribution platform for personal and commercial insurance in the United States. TWFG offers all lines of insurance, multiple distribution contract options, M&A services, proprietary virtual assistants, proprietary technology, proprietary premium financing, unlimited continuing education, recognition programs, co-op funding, marketing support and overall lower costs to operate.
Company Contact:
Jeff Arricale
SVP Strategy & Capital Markets
Jeff.Arricale@twfg.com
Posted in news-articleTWFG Insurance Strengthens Its Presence in The East with Acquisition Of The Jeff Kincaid Agency in North Carolina
TWFG Insurance is expanding its footprint with key acquisitions throughout the US, building on their 22 years of double-digit organic growth.
THE WOODLANDS, Texas, Oct. 26, 2023 /PRNewswire/ — The Jeff Kincaid Insurance Agency, Inc. joined the TWFG Insurance Family in October 2023, and is an important acquisition as TWFG continues to expand its footprint throughout the U.S. Jeff Kincaid has over 30 years’ experience in the insurance industry and is a former Nationwide agent bringing an 18.2-million-dollar book into the fold. This acquisition brings with it 5 new TWFG offices in Hickory, Shelby, Morganton, Forest City, and Marion, North Carolina.
When asked why Jeff chose to join TWFG he replied, “I built my agency on the premise of personal service to my customers. To me a customer is not just a policy number, they are individuals with homes, cars and families that need to be protected. When I started looking at potential buyers, I wanted to find a company whose values would align with mine. When I found TWFG, all it took was to look at their mission statement which states our ‘policy is caring,’ and I knew it was going to be a good fit for me.”
Gordy Bunch, Founder and CEO of TWFG Insurance stated, “We are always looking for experienced, growth-oriented insurance agents who share our values to join the TWFG Insurance Family. In any market, agents have been vastly more successful with us than they are on their own, and we truly believe we are stronger together. We are honored to have Jeff join us as we continue to build a strong foundation for the future.”
The Woodlands Financial Group, or TWFG Insurance, is a nationally recognized insurance company based in The Woodlands, TX. Since its founding in 2001, TWFG Insurance has rapidly grown into the number one privately-owned insurance agency in Texas and Louisiana, and number eight in the nation for personal lines. With 450+ TWFG branches in 18 states, and over 1800+ independent agents operating in 40 states, TWFG Insurance continues to provide its personal lines and commercial clients across the country with trusted access to insurance with a high standard of customer care. Rankings provided by The Insurance Journal.
TWFG Appoints Michael Doak to its Board of Managers
THE WOODLANDS, TX – The Woodlands Financial Group (“TWFG”) is pleased to announce the appointment of Michael Doak, CEO and Managing Partner of Griffin Highline Capital LLC (“Griffin Highline”), to its Board of Managers. In 2020, Mr. Doak founded Griffin Highline, a holding company that invests in and actively manages insurance operating businesses. Prior to founding Griffin Highline, Mr. Doak served in various leadership roles at entities associated with RenaissanceRe, a global provider of reinsurance and insurance services, since June 2010, most recently as President of RenaissanceRe Ventures U.S. LLC and the portfolio manager of the direct investments equity portfolio. Mr. Doak also previously served as a member of the TWFG Board of Managers from March 2018 until September 2020.
“I am delighted to rejoin the TWFG board and continue our longstanding relationship with TWFG and its founder, Gordy Bunch,” Doak said in a statement.
About The Woodlands Financial Group
The Woodlands Financial Group is a nationally recognized insurance company based in The Woodlands, TX. Since its founding in 2001, TWFG has rapidly grown into the number one privately owned insurance agency in Texas and Louisiana, and tenth in the nation for personal lines, operating storefronts in 37 states. With 425 TWFG branches and over 1,800 independent agents, TWFG Insurance provides its clients across the country with trusted access to insurance with a high standard of customer care. Rankings provided by Insurance Journal.
For additional information, please visit: https://twfg.com/
About Griffin Highline Capital LLC
Griffin Highline is a holding company that invests in and actively manages insurance operating businesses. Its strategy focuses on allocating capital to specialized, niche insurance-related businesses with a long-term, compounding approach as an industry partner.
For additional information, please visit: www.griffinhighline.com
Posted in news-articleTWFG Insurance Reinforces Strong Presence in Ohio with Key Acquisitions
TWFG Insurance is setting the foundation for the future with key acquisitions throughout the US, building on their 22 years of double-digit organic growth.
THE WOODLANDS, Texas, April 20, 2023 /PRNewswire/ — TWFG Insurance has been adding strategic agency acquisitions to its nearly 500 US retail agency footprint and is on track to follow an unprecedented 22 years of double-digit organic growth through FY 2023.
The Wade Insurance Agency joined the TWFG Family on April 1, 2023, and will be combined with another recent TWFG acquisition in the area (AIS), creating a formidable regional presence with a combined staff of 25 passionate insurance professionals. Ed Wade states “I have been looking for another strong agency to partner with for several years and I am extremely happy to have met the TWFG team and made the decision to partner with them. Broadening our strength of carriers and our service is what I have been hoping for and this partnership accomplishes my goal. Very exciting times here at Wade Insurance.”
“Our people, our customers, and our carrier partner relationships are at the core of who we are. Each day we set out to honor our commitments, with our guiding principle of ‘Our Policy is Caring,’ leading the way” states Chief Marketing Officer, Alex Bunch. “Treating our customers like people, not policies, is a part of TWFG Insurance’s DNA.”
The Woodlands Financial Group, or TWFG, is a nationally recognized insurance company based in The Woodlands, TX. Since its founding in 2001, TWFG has rapidly grown into the number one privately-owned insurance agency in Texas and Louisiana, and number eight in the nation for personal lines, operating storefronts in 28 states. With 485 TWFG branches and over 1800 independent agents, TWFG Insurance continues to provide its personal lines and commercial clients across the country with trusted access to insurance with a high standard of customer care. Rankings provided by The Insurance Journal.
Posted in news-articleTWFG Insurance Acquires American Insurance Strategies, “AIS,” Expanding Its National Retail Footprint In The States Of Ohio and Wisconsin
TWFG leverages acquisition opportunities to expand its national footprint, following 22 years of year-over-year organic double-digit growth.
The Woodlands, TX [December 6, 2022] The Woodlands Financial Group subsidiary TWFG Insurance Services LLC, announced its acquisition of American Insurance Strategies, located in the Dayton, Ohio and Milwaukee, Wisconsin areas. TWFG Insurance is currently ranked #1 in privately owned agencies for personal lines coverage in Texas and Louisiana, #8 nationally for personal lines coverage, and #28 nationally for all lines which includes commercial and small business, as per the 2022 Insurance Journal.
AIS has $18 million in written premium and was established in February 2009 by Craig Kuhr, Dan Manley, and Doug Fellows with a combined 75+ years of experience in the insurance industry. “The expertise and leadership they bring to TWFG Insurance will ensure we have a strong foundation in the region as we continue to grow,” TWFG Founder and President Gordy Bunch said in a statement. Katherine Nolan, Chief Operating Officer of TWFG Insurance, added: “We look forward to serving the communities and families of Ohio and Wisconsin, with the same principle of ‘Our Policy is Caring’ as we have for two decades now. We treat our customers like family, not policies, and we know this was a deciding factor in AIS choosing to join the TWFG Family.”
“We are incredibly proud of what we achieved at AIS since its inception, and the quality of service we have provided to our customers. Now that we are part of the TWFG Family, it will further enhance our ability to deliver what our customers need, and we couldn’t be happier with our decision,” AIS President Craig Kuhr said in a statement.
Helfer & Associates advised American Insurance Strategies LLC on the transaction, while Schwell Wimpfheimer & Associates provided legal counsel.
Posted in news-articleTWFG Insurance Crosses The Billion-Dollar Mark in Written Premium
With 22 years of organic double-digit growth and strategic acquisitions in 2022, TWFG is setting the foundation for a profitable future of sustained growth.
THE WOODLANDS, Texas, Nov. 22, 2022 /PRNewswire/ —
TWFG Insurance recently announced reaching its key financial milestone of a billion dollars in written premium this fall, and that it’s on track to follow an unprecedented 22 years of double-digit growth going into 2023.
“Our Policy is Caring,” states Chief Marketing Officer Alex Bunch, “which fosters a culture of treating our customers like people, not policies. When you truly serve your communities, and have their best interests at heart, referral business comes easy, and it has been fueling organic growth for TWFG Insurance for over two decades.
Key acquisition efforts have also come to fruition in 2022, expanding TWFG’s geographic footprint, while ushering in new leaders who are committed to building the next chapter of growth. Gordy Bunch, Founder and CEO of TWFG Insurance, stated: “The insurance industry has changed in many ways since I founded this company, but one thing never changes—the need to continually evolve and grow to remain relevant, and finding passionate insurance professionals who want to make a difference and be part of building a great company.”
Mockingbird Insurance Group, out of Dallas, Texas, with $3.5M in written premium, and American Insurance Strategies in Dayton, Ohio, with $18M in written premium, are the two latest agencies to join TWFG, bringing their national agency count to 481.
The Woodlands Financial Group, or TWFG Insurance, is a nationally recognized insurance company based in The Woodlands, TX. Since its founding in 2001, TWFG has rapidly grown into the number one privately owned insurance agency in Texas and Louisiana, and number eight in the nation for personal lines, operating storefronts in 28 states. With 481 TWFG branches and over 3,000 independent agents, TWFG Insurance continues to provide its clients across the country with trusted access to insurance with a high standard of customer care. Rankings provided by Insurance Journal.
To learn more about TWFG Insurance, visit www.twfg.com.
Contact: Alex Bunch
alex@twfg.com
TWFG Insurance Continues to Innovate with Two New Virtual Agency Models
The Woodlands, TX [February 24th, 2021] TWFG Insurance introduces two new Virtual Agency models for prospective agency owners to consider. These new models provide agents across the nation the opportunity to work from home or other virtual environments with the industry-leading, back-office, and technological support needed to successfully build a thriving business.
“After 20 years of steady growth, one thing we’ve learned is that every challenge we face is an opportunity to innovate and evolve,” said TWFG Insurance Founder and CEO Gordy Bunch. “Adding the two new Virtual Agency options to our extensive offerings provides the flexibility, strength, and support needed to succeed as an independent agent in this new world,” said Bunch.
With both a “Limited-Service Agreement” and “Full-Service Agreement” options, TWFG Insurance will provide agents with the security and backing they need while allowing them to retain the level of independence they want. Agency management software, extensive marketing, and billing support, as well as ongoing training and development opportunities are just a few of the vital components that each model provides.
TWFG Insurance, or The Woodlands Financial Group, is a nationally recognized insurance agency based in The Woodlands, TX, founded in 2001. TWFG has rapidly grown into the number one privately owned insurance agency in Texas and Louisiana and number ten in the nation for personal lines, according to Insurance Journal.
To learn more about TWFG Insurance’s Virtual Agency offerings, visit www.twfg.com/freedom.
TWFG Insurance
Contact: Gordy Bunch
gordy@twfg.com
Posted in news-article